Hazardous Area Sensors Market: Snapshot
The deployment of electrical equipment in potentially hazardous or explosive areas has been a major concern since the beginning of the 20th century. Supported by the need to achieve accuracy and safety in volatile zones and the implementation of government regulations globally, the market for hazardous area sensors has received a significant boost over the years. Fueled by the growing importance of intrinsic safety in many manufacturing facilities, including oil refineries, textile mills, chemical plants, and paint manufacturers, the global market for hazardous area sensors is poised to expand at a 4.6% CAGR during the forecast period of 2015 to 2024, rising from a value of US$4.5 bn to US$6.7 bn therein.
Despite the fact that hazardous area sensing has existed for a considerable period of time, the number of players dealing with hazardous area sensors are limited. There are, however, a comparatively higher number of suppliers providing raw material to manufacturers.
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Developed Markets to Register Sluggish Growth as Developing Regions Surge Ahead
The global market for hazardous area sensors has been geographically segmented into Asia Pacific, North America, Europe, and Rest of the World. Asia Pacific has been the leading revenue generator in the hazardous area sensors market with a share of more than 35% in 2014. The region is expected to retain its lead throughout the forecast period owing to high economic growth in countries such as India and South Korea. In addition, the rapid growth of various industrial sectors and the increasing importance attributed to intrinsic safety in most industry verticals have been instrumental in driving the hazardous area sensors market in Asia Pacific.
North America has been just as significant a market as APAC, fueled by the replacement of existing hazardous area sensors and the constant upgrade of legacy systems. The growth in certain sectors, such as shale gas exploration, waste and sewage management, and healthcare, is also likely to boost the hazardous area sensors market in North America. The regional market, along with Europe, is considered to be rather mature and is thus estimated to exhibit sluggish growth over the next few years.
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Despite holding a minimum share in 2014, the hazardous area sensors market in the Rest of the World is anticipated to register the fastest growth rate from 2015 to 2024. This segment is projected to be fueled by the oil and gas as well as the mining and metal industries. Several countries in RoW, such as Brazil and South Africa, have been emphasizing on intrinsic safety in the industrial sector. As an increasing number of countries follow this trend, the hazardous area sensors market is likely to receive an impetus during the forecast period.
Increased Use of Hazardous Area Sensors in Oil and Gas Industry
The prominent applications of hazardous area sensors include oil and gas, power, mining and metal, healthcare, grain storage, chemical, waste and sewage management, pharmaceutical, and fertilizer. The use of hazardous area sensors in the oil and gas sector has been significantly high and over the forecast period from 2015 to 2024, this application segment is expected to lead the overall hazardous area sensors market. The rising demand for shale gas and coal gas, coupled with increasing exploration for new gas fields, has been positively impacting the market.
Servomex Group, Ltd., Neo Monitors AS, Eaton Corporation Plc, Sick AG, Mettler-Toledo International, Inc., ABB Group, Yokogawa Electric Corporation, Honeywell International, Inc., Endress and Hauser, and Siemens AG are some of the leading players in the global hazardous area sensors market.
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Need for Innovative Designs Pave Way to New Avenues in Hazardous Area Sensors Market
Hazardous area sensors are used in ensuring safety of operations in range of manufacturing facilities across industries. They keep track of operational parameters of equipment such as those related with electrical motors and pumps used in machines that work in hazardous environments before the breakdown occurs. Key propositions driving the proposition for hazardous area sensors market include the need for improving the reliability and safety of equipment used in these manufacturing units. Further, they can avoid unplanned downtimes. The market is making strides from the growing launch of easy-to-install hazardous area sensors for rotating machines. Integration with wireless technologies is one of the key advancements that boost the capabilities of these sensors in remotely monitoring the health and performance of machineries working in explosive environments. The prospect of wireless sensors is growing with technological advancements in the hazardous area sensors market. Strides made in communication platforms on which hazardous area sensors work are also crucial in expanding the lucrative avenue in the market. Sensor developers and equipment manufacturers are focusing on various performance characteristics such as battery life, accuracy of measurement, and use of energy. Sensor communicating protocols gathering steam in the market are low-energy WirelessHART and Bluetooth.
The COVID-19 pandemic that struck the world in 2019 and continues to this day has caused wide-ranging disruptions on macroeconomics and microeconomic fundamentals of businesses across several industries. The entire value chain ecosystem of businesses in developing and developed nations went for an overhaul to mitigate the adverse fallouts of the pandemic-led economic lockdowns imposed by governments. The international trade suffered a considerable decline. The hazardous area sensors also witnessed a decline in application. However, in recent months, with wheels of industrial production rolling forward, the use of hazardous area sensors for monitoring is also growing. Numerous developed countries are witnessing the rise of new sensor technologies in order to meet the new regulations and norms defining hazardous duty operations. Examples include National Fire Protection Association, International Electrotechnical Commission, and ATEX directive.
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